MPLX LP Partnership Units
MPLX: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$88.00 | Rpzgwz | Lwksxpcmz |
MPLX Earnings: Results Suggest Potential for Special Distribution in Next Few Quarters
MPLX’s second-quarter results met our expectations, and after updating our model, we see no reason to change our $44 fair value estimate or narrow moat rating. MPLX likely remains most attractive as a capital returns story, with $949 million in capital returned to unitholders during the quarter, made up of $75 million in buybacks and the rest as the quarterly distribution. EBITDA is up 8% year over year to $1.65 billion, primarily because of stronger gathering and processing volumes.